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S. Shanker

Mumbai, Aug. 10 Modern India Ltd is in the process of acquiring land on the outskirts of Mumbai, to set up a Free Trade Warehousing Zone (FTWZ).

An FTWZ is a sanitised zone designated as foreign territory — a one-stop clearance of import and export of goods and serves as a key link in logistic and global supply chains.

Modern India has acquired 50 acres for Rs 35 crore in Panvel as of now and hopes to complete the targeted extent of 300 acres in about six months. Another 50 acres would be bought up in two months, Mr V.K. Jatia, Chairman and Managing Director, Modern India Ltd, told Business Line.

The company has made formal submissions to the State and to the Board of Approval of the Commerce Ministry.

The project is expected to cost about Rs 375 crore, which the company plans to fund through equity and debt.

A leading public sector bank has agreed to the fund the debt portion, he said, adding that many private equity funds were interested in tying up with the company for the venture.

The development comes close on the heels of the company’s proposal to set up a Rs 650-crore IT SEZ on 45 acres, near here.

Mr Jatia said the FTWZ policy focuses on providing the much-needed infrastructure required for trading and storage activities relating to foreign trade. In an FTWZ the advantages of a free zone are integrated with professionally-handled, high quality physical infrastructure, which offers a platform for proliferation of trading and warehousing companies.

Modern India (erstwhile Modern Mills Ltd) was among the first to develop a 40-storey residential complex on mill land at Mahalaxmi. The company owns and operates a 1.5 lakh sq ft business centre.

More Stories on : Outlook | Supply Chain Management | Storage

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